New Guideline for Tourism Investments Enters into Force

TIRANA, October 12, 2016

Investors in the tourism sector cannot change the destination of their projects. According to a decision that was recently published in the Official Gazette, the government has defined an agreement that will be signed by the investor and the Ministry of Economic Development, Tourism, Trade, and Entrepreneurship.
The agreement defines that the investor, in order to take into use an immovable property, should build, develop, and operate a tourism activity conforming to the construction project and investing plan adopted by the ministry.
Moreover, the investor must take all the measures for acquiring all the permits and authorizations for the implementation of the project. The investor will be considered responsible for any delay with the project.
Further on, the investor must use the property only for purposes related to construction, reconstruction, and administration of the activity declared since the beginning.
Another point says that the investing side will not only be responsible for the development of tourism business, but also for the promotion of the activity.
Any delay or failure to fulfil the obligations will be subject to penalties, which are going to be defined in the agreement. It also includes the recognition of property rights, which in the end of the contract, will pass to the Albanian state.

News Source: m.m